UK Finance News

Mortgage lender Liverpool Victoria bank have been fined by the financial governing body FSA, for adding payment protection insurance to customer loans without asking if it is wanted.
FSA investigators found  Liverpool Victoria bank guilty of adding the premiums for the protection plan to quotes when customers applied for a loan. The company also put undue [...]

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Following Tesco’s buying out of RBS from joint project Tesco Personal Finance, the supermarket giant has announced plans to take on the high street banks, with it’s own full service retail bank.
It is the latest move for the supermarket chain to break away from its core grocery market, which it dominates with a 30% share. [...]

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Tesco is close to completing a deal to buy out Royal Bank Of Scotland’s stake in their joint venture, Tesco Personal Finance.
The deal is expected to be worth £1bn and has been under negotiation since April when the bank announced that it would be putting up for sale some of it’s assets to bolster it’s [...]

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Sub Prime mortgage lender Edeus look to be a bit desperate to off load some of the mortgages on it’s books, having offered a discount to customers for early re payment.
Edeus have so far tested the water with 400 of it’s customers and interest from eligible customers is said to be 20% at this stage. [...]

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Bank Of England governor Mervyn King has suggested that Banks should put ‘billions of pounds’ into a fund over the next ten years to prevent another Northern Rock disaster.
King told a meeting of the Commons Treasury select committee yesterday that banks should make “non-negligible contributions” into the Financial Services Compensation Scheme, adding that over ten [...]

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